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China's Cosmetics Market

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China's Cosmetics Market China’s Apparel Market, 2014 December 2014 Fung Business Intelligence Centre 1 Table of contents 03 04 13 18 27 37 2 Executive summary China’s apparel market remains Ladies’ wear is the major Outdoor apparel is one of the fastest growing contributor to total apparel sales. growing fast. Chinese markets in the world. The rise of Its growth rate is still ahead of the consumers’ growing interest in e-commerce and the rise in fast overall apparel sales growth. outdoor activities has fashion have fuelled the fast underpinned the strong growth growth of the market. of outdoor apparel. Department stores and Chinese consumers are Fast fashion players have specialty stores remain the prudent when spending on continued their growth major distribution channels for luxury apparel. Meanwhile, momentum in China. Apart from apparel in China. Nevertheless, affordable luxury adopting aggressive expansion online retailing is the apparel at relatively cheaper strategy, they have pursued multi- fastest growing sales channel for prices are becoming popular. brand strategy to capture larger apparel in China. market share in China. 3 Market overview 4 Market overview China’s apparel market remains strong despite slower growth China’s apparel market remains one of the fastest growing markets in the world. According to Euromonitor, China is set to overtake the U.S. and become the world’s largest apparel market by 2017*. Retail sales value in 2013 showed slower growth against 2012 − According to the National Bureau of Statistics of China (NBS), the total retail sales of clothing, shoes, hats and textiles by enterprises above designated size** in 2013 rose nominally by 11.6% year-on-year (yoy), down from 18.0% yoy growth in 2012. Growth of unit price of clothing slowed − According to the NBS, the clothing price index has increased by 2.3% yoy in FY13, down from 3.1% yoy in FY12. − Facing the less favorable economic conditions and fierce competition, many apparel enterprises resorted to frequent promotions to attract consumers. Exhibit 1: Total retail sales of clothing, shoes, hats and textiles Exhibit 2: Monthly clothing price index, October 2013 – by enterprises above designated size, 2009 - 2013 October 2014 1,200 1,141.4 30% 24.8% 102.8 24.2% 977.8 1,000 25% 102.6 18.8% 795.5 102.4 800 18.0% 20% 102.2 587.4 600 15% 102.0 462.2 11.6% 101.8 Billion yuan Billion 400 10% yoy growth yoy (%) 101.6 200 5% 101.4 0 0% 2009 2010 2011 2012 2013 Source: NBS Source: NBS * “China to overtake US as largest apparel market by 2017.” 26 April, 2014. Euromonitor International. **Enterprises above designated size refer to enterprises with annual sales of 5 million yuan or above and with an employment of or over 60. 5 Market overview Annual expenditure on clothing increases steadily Urban households − The annual per capita disposable income of urban households grew by 7% yoy to 26,955 yuan in real terms in 2013. − Urban households spent 1,902 yuan on clothing in 2013, accounting for 10.6% of the total annual expenditure. Rural households − The annual per capita net income of rural residents grew by 9.3% yoy to reached 8,896 yuan in 2013. − Rural households spent 438.3 yuan on clothing in 2013, accounting for 7.2% of the total annual expenditure. Exhibit 3 : Per capita annual expenditure on clothing of urban and rural households, 2009- 2013 2,000 12.0 10.47 10.72 11.05 10.94 10.55 10.0 1,500 8.0 6.83 7.21 7.32 7.17 1,000 6.62 6.0 % Yuan 4.0 500 2.0 0 0.0 2009 2010 2011 2012 2013 Per capita urban annual expenditure on clothing Per capita rural annual expenditure on clothing Share of clothing in per capita urban annual expenditure Share of clothing in per capita rural annual expenditure Source: NBS, CNCIC 6 Market overview Ladies’ wear is the largest sector Ladies’ wear is the major contributor to total apparel sales and total sales volume according to the China National Commercial Information Centre (CNCIC)*. Exhibit 4: Retail sales volume of selected apparel categories in Exhibit 5: Retail sales of selected apparel categories in 100 100 major retailers in China, 2012 – 2013 major retailers in China, 2012 – 2013 2012 2013 2012 2013 Retail sales Retail sales Million pieces yoy % growth Million pieces yoy % growth yoy % growth yoy % growth (billion yuan) (billion yuan) Men’s suit 12.94 5.2 14.08 9.4 Overall 207.01 12.5 214.80 5.1 Men’s shirt 9.90 -1.7 8.78 -5.9 Menswear 40.97 12.4 42.06 0.5 T-shirts 13.23 0.7 11.28 -8.2 Ladies' wear 60.09 15.6 67.77 6.2 Ladies’ wear 141.71 4.1 142.31 7.3 Children's wear 5.54 14.8 6.31 12.7 Children’s wear 34.53 5.1 36.38 11.1 Source: CNCIC Denim wear 4.78 -7.9 4.10 -6.6 Jackets 7.44 -2.8 5.97 -2.9 Sportswear 25.38 4.6 28.58 5.4 Thermal clothing 9.51 -1.5 9.45 -6.9 Leather wear 1.16 11.9 1.09 1.1 Trousers 10.29 -2.9 9.49 -3.5 Knitted underwear 58.12 1.1 54.30 -2.9 Woolen wear 21.51 -6.7 19.37 -4.8 Source: CNCIC * The China National Commercial Information Centre (CNCIC) monitors monthly sales of selected sectors in 100 major retailers. 7 Analysis of sub-sectors Ladies’ wear: Growth is decelerating but is still ahead of overall apparel market Sales growth for ladies’ wear market has been slowing over recent years amid the sluggish economy; however, its growth rate is still ahead of the overall apparel sales growth, suggesting the relatively stable demand for women’s wear against other apparel sub-sectors*. Exhibit 6: Overall apparel and women's wear sales growth in major retailing enterprises, 2009-2013 30 25.6 27.6 25 23.3 % 20 21.2 21.6 15 15.6 15.6 10 12.5 5 6.0 5.2 0 2009 2010 2011 2012 2013 Overall apparel sales growth (%) Women's wear sales growth (%) Source: CNCIC Ladies’ wear market remains highly segmented – casual wear, fashion for young ladies, fashion for mature women, fast fashion, business casual and high-end fashion are some major sub-segments. Fast fashion market is growing fast. Consumers are becoming more familiar with international fast fashion brands which offer stylish clothing at affordable prices. Korean and Japanese fashions are increasingly popular among Chinese female shoppers as their designs are more appropriate for Chinese people given similar skin tone and stature**. *”2013 Statistical Report on consumer goods.” 2013. The China National Commercial Information Centre. P.28. ** “Womenswear in China.” 28 May 2014. Euromonitor International. 8 Analysis of sub-sectors Menswear: Growth is slowing; designs are growingly fashionable In 2013, growth of menswear decelerated and the market share of Top 10 brands in the men’s suit and men’s shirt also shrank. Men’s suits saw the slowest growth in 2013 due in part to consumers’ prudent spending amid flagging economy as well as the government’s anti-corruption drive. The growing fashion trend for casual wear, especially among younger generations, has further undermined the sales of men’s suits. Fast fashion for men is gathering pace for its modern and fashionable design as well as competitive prices. 9 Analysis of sub-sectors Children’s wear: Growth is strong; consumers are brand-conscious Children’s wear registered dynamic growth of 12.7% yoy in 2013, with total sales reaching 6.31 billion yuan*. Population of children aged 0-14 years totaled 223.16 million in 2013, accounting for around 16.4% of the total population in China**. The Chinese leaders relaxed the national “one-child policy” in December 2013, allowing couples to have two children if one spouse is an only child. China is expected to add 1-2 million extra kids over the next few years. The increasing children population offers the children’s wear players a solid base for expansion. As income levels rise, Chinese parents are more willing to spend money to make their children look fashionable. Consumers are generally more brand-conscious and drifting towards fashion and lifestyle brands. Children’s wear made from soft and comfortable materials and casual children’s sportswear with cozy fabrics and loose-fitting designs have become the market trend. Although consumption needs have gradually switched from practical considerations to aesthetic and fashion considerations, the majority of parents in China still look for “value for money” products. Competition in the children’s wear sector is getting fierce. Many apparel brands have tried to ride the booming children’s wear market by extending their product lines. − Foreign examples: Baby Dior, D&G Baby, ARMANI Junior, Gucci, Adidas, Nike − Domestic examples: Xtep, Anta, 361 Degree, Li Ning, Stepwolves, Baoxiniao, JNBY, GXG *China National Commercial Information Centre (CNCIC) **National Bureau of Statistics of China website - http://data.stats.gov.cn/search/keywordlist2 10 Analysis of sub-sectors Sportswear: Lower-tier cities are becoming the major battlefield Sportswear market in China is a relatively concentrated and mature sub-sector. Domestic sportswear brands are dominating the lower-tier cities while international brands are mainly concentrated in tier 1 and tier 2 cities. However, leading players such as Nike and Adidas are adjusting their market strategies and shifting their focus to lower-tier cities in search for further growth.
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